Major insurer reports ESG milestones

Major insurer reports ESG milestones | Insurance Business Canada

Commercial Solutions

Major insurer reports ESG milestones

CEO hails 2022 “impact”

Commercial Solutions

By
Miko Pagaduan

Manulife has unveiled its 2022 Environmental, Social, and Governance (ESG) Report, along with its 2022 Public Accountability Statement. These reports provide insights into Manulife’s sustainability efforts.

Within the realm of environmental sustainability, company-wide green investments stood at $68.6 billion.

Manulife Investment Management has planted over 1.3 billion trees since 1985, according to the report. Their eco-conscious initiatives extend to their operations, with 100% of Manulife Bank ATMs in Canada are now powered by green energy.

Additionally, 98% of Manulife Investment Management-managed farms employ regenerative practices, while the US agriculture platform is certified to the respected sustainability standard of Leading Harvest, Manulife said.

In terms of social initiatives, Manulife has invested $1.9 billion in projects and initiatives aimed at enhancing accessible and affordable healthcare for underserved populations worldwide.

The company has also allocated $40.2 million toward employee training and development.

Manulife has 37% female representation at the assistant vice president level. The insurer has a top-quartile ranking for employee engagement among financial services peers, it said.

Furthermore, Manulife has dedicated $25.1 million to community investment globally.

The company highlighted diversity and inclusion within its board, with 27% of independent directors self-identifying as members of a visible minority and 64% representing female directors.

All of Manulife’s employees have completed the worldwide code of conduct training, it said.

Additionally, all eligible employees have completed privacy and information security training, Manulife said.

“As a global life insurer and asset manager, we understand the core connections between our environment, human health, and the collective well-being of our customers and communities,” said Roy Gori, president and CEO, Manulife. “The impact we made during 2022 reflects our long-term strategy to build a better business to better the world.

“For all our stakeholders, we seek to empower sustained health and well-being to support the journey toward a better life, drive inclusive economic opportunities that create a more even playing field, and accelerate a sustainable future which preserves the planet we all share.”